Public Finance (Management and Accountability) Act

No. 7 of 2008 Public Finance (Management and Accountability) Act MONTSERRAT 1 M O N T S E R R A T NO. 7 OF 2008 PUBLIC FINANCE (MANAGEMENT AND ACCOUNTABILITY) ACT 2008 ARRANGEMENT OF SECTIONS PART I PRELIMINARY SECTION 1. Short title and commencement 2. Interpretation PART II POLICY DEVELOPMENT 3. Development of economic policy and advice by the Minister 4. Reporting of economic and fiscal information, performance and projections to the Legislative Council PART III CONTROL AND MANAGEMENT OF PUBLIC FINANCE 5. Supervision, control and management of public finances 6. Instructions and directives 7. Powers of the Financial Secretary 8. Designation, powers and duties of the Accountant-General 9. Designation and duties of accounting officers 10. Internal Audit PART

IV PUBLIC FUNDS 11. Consolidated Fund 12. Payments made in or out of Consolidated Fund 13. Development Fund 14. Special Fund and Trust Fund MONTSERRAT 2 Public Finance (Management and Accountability) Act 15. Contingencies 16. Investment of and advances from the Consolidated Fund 17. Withdrawal from the Consolidated Fund and Development Fund 18. Virement. PART V AUTHORISATION OF EXPENDITURE 19. Estimates of revenue and expenditure 20. Supplementary estimates 21. Excess expenditure 22. Provision if Appropriation Act not in force 23. Duration of appropriations and warrants PART VI PAYMENTS 24. Authority for payment 25. General Warrant 26. Advance Warrant 27. Imprest Warrants 28. Departmental Warrant 29. Warrant to lapse PART VII LOANS, GUARANTEES AND GRANTS 30. Authority to raise loans 31. Moneys borrowed to be paid into the Consolidated Fund or Development Fund 32. Raising of loans 33. Repayment, conversion and consolidation of loans 34. Expenses of loans 35. Authority to guarantee loans 36. Beneficiary to reimburse all costs 37. Receipt of grants 38. Amounts due on loans or guarantees to be charged on Consolidated Fund 39. Minister to specify particulars in annual estimates 40. Delegation by Minister PART VIII PREPARATION OF ACCOUNTS AND REPORTS 41. Annual accounts 42. Annual and other reports No. 7 of 2008 Public Finance (Management and Accountability) Act MONTSERRAT 3 PART IX CONTROL OF THE FINANCES OF STATUTORY BODIES 43. Interpretation 44. Estimates of expenditures by statutory bodies 45. Control of accounts of public organizations PART X SURCHARGE 46. Power to surcharge 47. Circumstances of action 48. Notification of surcharge 49. Appeal against surcharge 50. Withdrawal of surcharge 51. Recovery of surcharge 52. Penalties and surcharge PART XI MISCELLANEOUS 53. Bank accounts 54. Abandonment of claims etc. and write off of public money and stores 55. Gift of stores and other property 56. Annulment by the Legislative Council of regulations 57. Amendment of Schedule 58. Regulations 59. Repeals and savings 60. Transitional provisions 61. Precedence of this Act Schedule – Provisions for submission of accounts MONTSERRAT 4 Public Finance (Management and Accountability) Act Public Finance (Management and Accountability) Act MONTSERRAT 5 I ASSENT Peter Waterworth Governor DATE: 25.11.08 M O N T S E R RAT NO. 7 OF 2008 AN ACT TO PROVIDE FOR THE DEVELOPMENT OF AN ECONOMIC AND FISCAL POLICY FRAMEWORK FOR MONTSERRAT; THE FINANCIAL MANAGEMENT OF THE GOVERNMENT; THE RESPONSIBILITIES OF PERSONS ENTRUSTED WITH FINANCIAL MANAGEMENT IN THE GOVERNMENT; THE TRANSPARENT AND...

Website: finance.gov.ms | Filesize: 155kb
No of Page(s): 32
Download Public Finance (Management and Accountability) Act - Ministry of ....pdf